• Pilkington - First in Glass \
• Pilkington Superannuation Scheme \
• Active Members \
• Retirement planning \
• IR Limits

Pilkington Superannuation Scheme

The Scheme holds exempt approved status from the Inland Revenue. That gives both the Scheme and you various tax advantages. However, it means that the Scheme must not provide you with pension or lump sum benefits bigger than the Inland Revenue limits.

Contributions limit
The Inland Revenue restricts the total amount you can contribute to occupational pension schemes to 15% of gross earnings in any tax year. This includes the 5½% to the Pilkington Superannuation Scheme.

In certain circumstances, it may not be possible to pay 15% if this takes your expected pension above the allowed maximum benefit at your chosen retirement age.

Earnings cap
The Earnings Cap restricts members' contributions and benefits for anyone joining after 1 June 1989. If your earnings exceed the Earnings Cap, your maximum contributions and benefits will be based on earnings equal to the Earnings Cap for the current tax year. The Earnings Cap is £97,200 for the 2002/2003 tax year.

Pension limits
The Inland Revenue restricts the maximum amount of pension you can receive from occupational pension schemes to 2/3rds of final remuneration.

Tax-free cash limits
The maximum tax-free cash permitted by the Inland Revenue is 3/80 of final remuneration for each year of service up to the maximum of 40 years.